₦airaland Forum

Good evening nairalanders, I earn 100k a month which amounts to 1.2 million per annum.
I just secured an apartment in yaba which cost 300k per year. I chose yaba because of its proximity to the island which is where i work.

I want to know if the rent costs too much for someone of my status.

Am I about to start living above my means? Advice needed.

Good, but hope you can sustain it and how secure is the job.

Your annual rent should not be more than your 2 months salary.
So you are already on the high side.
Again, the 3 months may still fly when you consider living near your place of work.

SUNNINO:
Good, but hope you can sustain it and how secure is the job.

My job is very secure and I am even looking to receive better offers by next year

AroOkigbo:
Your annual rent should not be more than your 2 months salary.
So you are already on the high side.
Again, the 3 months may still fly when you consider living near your place of work.

Thanks

Would really appreciate more opinions pls

200k or 250k is better

Tony142:
200k or 250k is better

Thanks bro

I earn 194K and I don't even have a house, I squat with my uncle. I'm afraid of even spending the money. I used to sleep on the streets before with street kids.

now I don't want to leave my old lifestyle. only my dad knows I have a job. no one else knows.


renting a house is not worth it, you'll soon get lonely looking for who to marry and all that stuff.

i earn 30,000 and psy 46,000 pay month which is less than two months salary. go for less than two months salary

haladadon:
I earn 194K and I don't even have a house, I squat with my uncle. I'm afraid of even spending the money. I used to sleep on the streets before with street kids.

now I don't want to leave my old lifestyle. only my dad knows I have a job. no one else knows.


renting a house is not worth it, you'll soon get lonely looking for who to marry and all that stuff.

I don't understand this comment o..is getting married now a sin...i hope to do so very soon, as soon as God will bless me with something bigger...if this is your idea of saving money abeg i no do.

kellyo321:
i earn 30,000 and psy 46,000 pay month which is less than two months salary. go for less than two months salary

Thanks bro

marshborn:
Good evening nairalanders, I earn 100k a month which amounts to 1.2 million per annum.
I just secured an apartment in yaba which cost 300k per year. I chose yaba because of its proximity to the island which is where i work.

I want to know if the rent costs too much for someone of my status.

Am I about to start living above my means? Advice
needed.

Op, please I also need a house around that Yaba axis, but I can't afford that 300k for now. Since you are yet to marry, can we share the space and share the bills. I just started working and I earn 80k per month. 08104701708

It's too much, u will work 3 months for your landlord u self think am.

Maximum should have been 200k esp if u are single

haladadon:
I earn 194K and I don't even have a house, I squat with my uncle. I'm afraid of even spending the money. I used to sleep on the streets before with street kids.

now I don't want to leave my old lifestyle. only my dad knows I have a job. no one else knows.


renting a house is not worth it, you'll soon get lonely looking for who to marry and all that stuff.

How old are you? U need to grow up fast and shoulder your responsibilities esp shelter

No amount is too much for rent. Comfort can never be too expensive. I don't know what kind of apartment you are staying in for 300k in yaba to give any advise. But you should be mindful of the fact that Nigeria is a rough place and anything can happen at anytime so you want to build a good buffer in savings and investment and that could mean cutting down on comfort now.

haladadon:
renting a house is not worth it, you'll soon get lonely looking for who to marry and all that stuff.

You had me LOL at this. There's nothing wrong with marrying for companionship, in fact companionship is the major reason Eve was created for Adam.

The story says and God saw that the man was lonely so he caused a deep sleep.........you get the drift sha.

I'm sorry to hear about your time on the street but I'm glad to hear those days are over too.

marshborn:
Would really appreciate more opinions pls

Most of us don't make a lot of money to be able to afford accommodations within our means. What I mean is this - we earn about 100 to 150k, but good accommodation in Lagos is expensive so what do we do?

We stretch ourselves to make things happen for the good but expensive accommodation. I'm sure if you see accommodation for 150k, you yourself will walk away because you won't like it.

Save 20 or 30k from your salary each month towards your next rent and if your office has benefits like leave allowance, car loans, 13th month etc, you can easily make the rent, when you are legible for those benefits.

Success with making the rent each time it is due, also boils down to discipline oh!

Clarathomp:
Most of us don't make a lot of money to be able to afford accommodations within our means. What I mean is this - we earn about 100 to 150k, but good accommodation in Lagos is expensive so what do we do?

We stretch ourselves to make things happen for the good but expensive accommodation. I'm sure if you see accommodation for 150k, you yourself will walk away because you won't like it.

Save 20 or 30k from your salary each month towards your next rent and if your office has benefits like leave allowance, car loans, 13th month etc, you can easily make the rent, when you are legible for those benefits.

Success with making the rent each time it is due, also boils down to discipline oh!

Thanks

dotun365:
No amount is too much for rent. Comfort can never be too expensive. I don't know what kind of apartment you are staying in for 300k in yaba to give any advise. But you should be mindful of the fact that Nigeria is a rough place and anything can happen at anytime so you want to build a good buffer in savings and investment and that could mean cutting down on comfort now.

It's a mini flat..quite comfortable sha. Thanks for the advice bro

Compliant:
Your yearly rent should not exceed your 2months salary and anything above that is a no no

Thanks

Thanks

My opinion doesn't matter, whatever I said you'll end up with your personal decision. 300k for rent is not much since you can afford it. you worked for your money enjoy it while you can... we might wake up dead one morning, tomorrow is never promised.

Accommodation is a basic need once you can afford one. What is the configuration of your apartment ? It's okay if you can live on 600k and save 300k per year?

Anything above 300k

AroOkigbo:
Your annual rent should not be more than your 2 months salary.
So you are already on the high side.
Again, the 3 months may still fly when you consider living near your place of work.

Not for everybody.

Rent in lagos ehn..
What the OP didn't factor...
Electricity will cost you -1k monthly...
Generator-7k
Waste disposal-500
Security-3k
Maintenance-2k
All the new houses in Lagos were built with substandard material...
Where I currently live (for 2 years now)
It's on the island,so anything metal here will spoil in months...
I've changed the Tanks and the raillings.
Change Nepa Pole.
Contribute money for roads.
Change every toilet fittings.
Different sockets
Door handles.
Power surge.
It's just countless....
OP...just open your eyes...this our lagos life is mere scam and trap.

marshborn:
My job is very secure and I am even looking to receive better offers by next year

Your job is very secure? are you the one that own the company? over confident is disastrous.

I knew someone who earn and was building his own place while staying with uncle, he now own a place in ikorodu within the space of 3 years . its a case of either working for your landlord or building your dreams at early stage, if you still have no wife, best time to think

marshborn:
I don't understand this comment o..is getting married now a sin...i hope to do so very soon, as soon as God will bless me with something bigger...if this is your idea of saving money abeg i no do.

you should learn to spot satires when you see one, the guy was just being satirical, hahahahahahahaha